A man has been arrested for allegedly stealing Frances McDormand's Oscar statuette, Los Angeles police have said.

The statuette was allegedly taken from the Academy Award winning actress's table at the Governors Ball after the ceremony but was later returned.

Police spokesperson, Rosario Herrera said 47-year-old Terry Bryant was arrested on Sunday night on suspicion of felony grand theft.

She added that he was being held on $20,000 bail.

McDormand received the Academy Award for Best Actress for her performance in Three Billboards Outside Ebbing, Missouri.